UPDATE: Imperial Capital Initiates Tesoro Corporation at In-Line on Incremental EBITDA Growth

Imperial Capital initiated coverage on Tesoro Corporation TSO with an In-Line rating and a $41 price target. Imperial Capital commented, "Management continues to focus on building shareholder value through the combination of value-driven growth associated with expanding and strengthening its integrated business (refining, marketing, and logistics) and fiscal discipline focused on preserving balance sheet strength. Tesoro continues to channel free cash flow to high-return, short payout capital projects. Announced projects of $1.08bn over the 2011-14 period are expected to generate incremental recurring EBITDA of $495mn–505mn by 2014." Tesoro Corporation closed at $38.38 on Thursday.